Ordinal mania has caused increased blockchain activity—but not just on Bitcoin’s network: Litecoin, the 12th largest cryptocurrency by market cap, is experiencing a huge surge in transactions.
Litecoin’s blockchain last week experienced over 584,838 transactions in one day, the highest in its history, according to crypto data website Bitinfocharts.
Activity has since dipped—363,855 transactions took place yesterday—but Litecoin use is still higher than it has ever been.
The cryptocurrency, which trades as LTC, is also one of the best performing digital assets in the past week: up 12.6% in seven days and trading for $91.43, according to CoinGecko.
Why? Because people are using Litecoin for Ordinals, a new craze in the crypto world which allows digital assets like pictures or moving images to be inscribed on a blockchain—just like NFTs.
This has caused activity on Bitcoin’s blockchain to surge—and transaction fees, too—as people use the network to mint new assets.
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Author: Mathew Di Salvo
Tip BTC Newswire with Cryptocurrency